Ramses Delgado, Banking Moderator
@ramses_delgado1
No, the 1-Year Merchants Bank of Indiana CD rate is not fixed during the term. The rate is variable, tied to the Prime Rate index minus a 2.75% margin with a 0% floor, and can change at any time based on fluctuations in the Prime Rate.
Merchants Bank of Indiana has the ability to change the rate in the sense that your APY will rise and fall whenever the Prime Rate moves, but it does not have carte blanche to tweak the number outside that index-based mechanism.
For the most up-to-date information, please contact its customer service by phone at (317) 324-4660.
You can check the best CD rates available to ensure that whatever decision you go for really fits your goals.
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